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When the financial year ends on 30 June of each year, the Australian Taxation Office (ATO) expects all Australian residents for tax purposes to lodge their tax returns and pay their taxes.

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What do I need to prepare?

You need to prepare forms, documents and receipts to complete your tax return faster.

Income statements or summaries and invoices
All your income for the financial year should be declared.

This includes salary from full-time employment, freelance and side hustle income, as well as Centrelink and other government payments.

Fund, trust or portfolio statements
Your income or profits from investments may be taxable. Make sure to include information on dividends, distributions and interest income you received.

Buy and sell statements
If you purchased or sold capital assets within the financial year, you need to declare its purchase and selling price in order to compute for capital gains tax or capital loss.

Foreign income
You also need to declare any income you receive from foreign sources, regardless if the sources are investment assets or foreign government pension.

Rental property records
If you own a rental property, you need to prepare all documents that show your income and expenses derived from the property.

Accomplished tax form
Decide how you will lodge your tax return: online, paper or through an agent. Once decided, fill in the necessary information and lodge your tax return through your preferred means.

• Online lodgment
  If you choose online lodgment, you need to create a myGov account and link it to the ATO. Then provide the required information and prove your identity by providing your tax file number.
  
  Note that the ATO pre-fills the information on online forms by a certain date, which means all you need to do is review and confirm that the information is correct. Watch out for ATO announcements on when pre-filled forms will be available.
  
  
• Paper tax return
  If you want to lodge manually, you may download a copy of the most recent tax return for individuals form and fill in the required information.
  
  Once you’re sure you’ve accomplished all the necessary forms, you may mail them to ATO and wait for advice on what to do next and whether you have tax payables.
  
  
• Lodge with a tax agent
  Alternatively, you may hire a registered tax agent to prepare and file your taxes on your behalf.

What can I claim?

You may claim offsets and deduction on eligible expenses. Some examples are:

Super contributions 
Concessional and non-concessional superannuation contributions and spouse contributions are deductible as long as they fall within the contributions cap. 

Work-related expenses

• vehicle and travel expenses for work-related duties
• laundry and dry cleaning expenses for specialised work-related clothing
• overtime meals
• tools and equipment for work use
• work-related self-education expenses (i.e. seminar fees) that were not reimbursed

Donations
Any monetary or property contributions or donations may be deducted as long as it was given to accredited deductible gift recipients and was given completely voluntarily.

For more information on ATO-allowed deductions, see “Legal ways to reduce tax payable”.

What happens if I owe the ATO money?

The ATO will review your tax return and determine if you have any tax payable for the year.

If the ATO determines that you owe them money, they Tax Office will contact you and inform you of the assessment and how much you need to pay.

You will be given enough time to make your payment.

What happens if I don't do a tax return?

Lodging your tax return is mandatory. If you forget or refuse to lodge your tax return for the income year, expect to receive communication from the ATO and a penalty for late lodgment.

If you think you don’t need to lodge a tax return due to low income, you still need to secure a non-lodgment advice form and submit it to the ATO. This form will ensure that the ATO knows you’re not simply evading your tax responsibility.

Explore nestegg for more information about taxes.

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When the financial year ends on 30 June of each year, the Australian Taxation Office (ATO) expects all Australian residents for tax purposes to lodge their tax returns and pay their taxes.

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Almost 30,000 additional workdays per week and close to $700 million in the GDP could be created each year by revamping Australia’s Child Care Subsidy model, a big four accounting firm has said.

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Consulting giant KPMG has reported that changes to the Child Care Subsidy (CCS) would better enable parents to return to work, but also see a doubling of the expense to the government that would be required to boost the subsidy.

KPMG’s report addresses the problem caused by an interaction of Australia’s tax and transfer system, which currently discourages secondary earners in families from working more hours.

“Our economic modelling in this report shows the proposals would generate an additional $678 million – using conservative assumptions – at a cost of $368 million in extra CCS spending,” Grant Wardell-Johnson, KPMG’s partner, economics and tax centre, said. 

The firm has used the example of a healthcare worker earning $50,000 a year through working four days a week.

As the system currently stands, this employee would currently only keep $1,500 of the $12,500 earned from that fourth day of work over the course of the year: a loss of 88 per cent.

Under KPMG’s proposal, this worker would keep almost 50 percent of the money earned from that fourth day’s work. The Workforce Disincentive Rate (WDR) cap (marginal income tax rate plus 20 percent) would be 54.5 percent instead of the current 88 percent and the health worker would receive a top-up payment of $4,188.

KPMG Australia chairman Alison Kitchen said, “The main proposal is to cap the WDR at the secondary earner’s – usually a woman – marginal income tax rate, plus 20 percentage points. There would then be a top-up payment through the CCS system.”

President of Chief Executive Women Sue Morphet believes updating the CCS will better enable women to return to the workforce.

“Increased affordability of child care can be a key enabler of greater parental equality in our society,” she said.

“Enduring norms regarding gender and work have proven harmful to the economic welfare of women, and our society as a whole,” Ms Morphet continued. 

She considered reducing financial disincentives for parents seeking to work full-time as “paramount”. 

“If we aspire to have equal workforce participation and leadership progression, we must ensure men and women are equally empowered, socially and financially, to share the income-generating and care-giving roles.”

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Almost 30,000 additional workdays per week and close to $700 million in the GDP could be created each year by revamping Australia’s Child Care Subsidy model, a big four accounting firm has said.

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Despite being the furthest thing from an adventurer’s mind, financial strategy is crucial for any expat planning on returning to Australia, an industry expert has advised.

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HLB Mann Judd’s tax partner, Peter Bembrick, has outlined that living and working in another country, even for a short period of time, requires careful planning which should be done well in advance.

“This is particularly important in an environment where the government is looking at different ways of broadening the tax base,” he said. 

“For example, we’ve already seen plans to introduce capital gains tax on the family home for expats, which would have included removing their access to the much-loved ‘six-year absence rule’,” Mr Bembrick noted.

The finance expert believes there are a number of technicalities that could adversely affect Aussies who have worked abroad, which can be minimised through planning.

“One consideration for people is what to do with any pension savings they have from another country, such as the United Kingdom, and how to bring the funds back into Australia in order to roll them into the tax-advantaged superannuation system here,” he said.

“Another common situation is when people have changed tax residency and paid tax in another country, they may be able to claim a credit for the foreign tax paid upon their return but only if they have the proper records and structures in place,” he continued.

An advantage of being an Australian is the reduction of capital gains tax, according to Mr Bembrick. However, it also means all of one’s foreign salary and investment income will be taxed in Australia with a credit to any foreign tax paid on the income.

Other areas for expats to consider include:

Shares or managed funds – If someone becomes a non-resident, these types of investments are generally treated under the CGT rules as having been sold at their market value at the time that tax residency changed, triggering deemed capital gains or losses, HLB Mann Judd has outlined.

Investment properties – The CGT discount on the sale of investment properties is not available for any period after 8 May 2012, during which someone is a non-resident. For investment properties already owned at the time an individual left Australia to move overseas, there needs to be an apportionment of the CGT discount for the relevant periods. The same applies for periods between the date they return to Australia and a later property sale.

Withholding tax – Non-resident withholding tax is payable on unfranked dividends, interest and managed funds distribution, the firm has noted. However, any withholding tax deducted should be available to claim as a credit against income tax payable in the other country.

SMSFs – If members and trustees of an SMSF cease to be Australian residents, then the fund can become non-complying. An example of this would be a couple who moves overseas for several years and loses their Australian tax residency status.

HLB Mann Judd outlined that careful planning is required to anticipate and overcome the negative consequences that might otherwise arise.

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Despite being the furthest thing from an adventurer’s mind, financial strategy is crucial for any expat planning on returning to Australia, an industry expert has advised.

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Been away recently? Used up all your annual leave? Stuck in that work routine with no end in sight? While half of Australians are planning to ‘reward themselves’ with a holiday using their tax refund this year – the other half of us are stuck at home, writes Liz Russell.

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If you’re one of those Aussies unable to get away any time soon, here are five ways you can use your tax refund to bring a holiday into your home - without having to go anywhere.

1. It’s all about the fragrance.

You know when you smell a certain fragrance and your mind is instantly taken to a memory? Why wouldn’t you want to live in that moment for as long as you could? Bringing the fragrance of a holiday into your home is one of the easiest ways to replicate a vacation. The best part about it is that you get to choose any type of holiday you want. Whether you opt for the smell of rich spices, for sweet flowers or the beach, you can decide on the destination, without worrying about breaking the bank. Being one of the cheapest ways to feel like you’re constantly on vacation, you can’t lose with this option, as everyone loves a nice smelling home.

2. More plants!

We all know that plants and greenery liven up any home, but have you thought about how they could simulate a vacation? With only a few tools you can create the illusion of a holiday in your home or backyard that any jet-setter would envy. If you have a spacious garden, decorate it with pots of tulips as if you’re in the Netherlands, brighten yourhome with sunflowers to emulate the fields of Spain, or plant some palm trees to resemble your ideal Caribbean vacation. If you want to go further, create a small sanctuary as your own little in-home getaway. Bamboo sticks, a nice hammock and lots of tropical plants will make you feel like you’re in Bali every day of the week. With a bit of creativity, you can feel anywhere in the world, sitting in your own backyard.

3. Treat yourself to some new linen

Never underestimate the power of good bed sheets. You can be sure that any 5-star hotel or resort has nice, soft linen on the beds. The incredible sleep that you get in these sheets should not be restricted to being on vacation. Treating yourself to nice linen is one of the smartest investments you can make for your wellbeing. You’ll feel just as good as you do on vacation, sleep better, have softer hair and skin, and get more rest going to bed earlier because you can’t wait to enjoy the new sheets.

4. Bring the sites back home

If one of your favourite parts of any holiday is the cultural experience, bring the sites that you loved back home. Buying a print of the Mona Lisa, the Eiffel Tower or the ceiling of the Sistine Chapel will enrich the aesthetic of your own environment and remind you of the time you got to experience some of the greatest art in the world. Support local artists by buying some of their works or frame a postcard from a gift shop that you love. If art isn’t what you’re after, print off some of your favourite snaps from your trip or photos of places you intend to visit. Having such wonders hang on your wall will brighten your home and spark conversation. After all, who doesn’t love a not-so-humble holiday brag?

5. Tantalise your tastebuds with the flavours of travel

Exotic food doesn’t have to be enjoyed in only exotic locations. Pairing an authentic Asian curry with some Lebanese bread and pilaf rice can take you all around the world on one plate. Try to recreate a favourite dish from your holiday or search for new recipes from places that you want to go - and why not make it social? Assign your friends a different country from around the world and each cook a traditional recipe from that place. Enjoying various cuisines with loved ones can make you feel just as good as dining in a foreign destination together. You can enjoy sensations from around the world in the comfort of your own home.

Liz Russell is a senior tax manager at Etax.

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Used up all your annual leave? Stuck in that work routine with no end in sight? While half of Australians are planning to ‘reward themselves’ with a holiday using their tax refund this year – the other half of us are stuck at home, writes Liz Russell." 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Been away recently? Used up all your annual leave? Stuck in that work routine with no end in sight? While half of Australians are planning to ‘reward themselves’ with a holiday using their tax refund this year – the other half of us are stuck at home, writes Liz Russell.

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["alias"]=> string(36) "did-you-google-tax-refunds-this-july" ["introtext"]=> string(342) "

Google search results are an unlikely source of intelligence pointing towards increased consumer confidence and more optimistic spending intentions.

Write comment (0 Comments) " ["fulltext"]=> string(1629) "

The Commonwealth Bank of Australia has analysed its customers’ behaviour from transaction data and considered it alongside the prevalence of household spending intentions found in Google Trends search data.

According to the bank, the spike recorded for google search activity on “tax refunds” in July 2019 was the largest recorded in the last five years.

CBA chief economist Michael Blythe noted the levelling out of recent household spending intentions readings offers encouraging, albeit tentative, signs that tax rebates are now being paid to households and it is boosting disposable income.

The result? This disposable income flows through to household spending intentions.

“HSI measures provide a glimmer of hope that the outlook for consumer spending is slowly improving,” he commented.

“The improvement is modest, but the switch from downward signals to something that is more flat-to-up offers some hope that the second half of 2019 will be better for the consumer than the first half of the year.”

According to the chief economist, “much will depend on the impact of the tax rebates that households are receiving”.

“Many of these payments are large and are flowing into CBA customer accounts right now,” Mr Blythe continued.  

He reported that the value of tax refunds in July was 49 per cent above “normal” levels.

“The turn in the housing market is also helping. The drag on consumer spending from a negative ‘wealth effect’ should be receding as dwelling prices stabilise or lift,” the economist said.

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Read more about how the customer spending behavior to this article." 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Google search results are an unlikely source of intelligence pointing towards increased consumer confidence and more optimistic spending intentions.

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After years of sluggish growth, the retail sector has reached a turning point due to the combined benefits of interest rate cuts, fiscal stimulus and a stabilisation of the housing market, according to economists.

Write comment (0 Comments) " ["fulltext"]=> string(1677) "

In its economic update, the Queensland Investment Corporation (QIC) highlighted previously tough retail conditions that were compounded by falling house prices and a mining slowdown. 

It cited optimism in the federal government’s personal income tax cuts of up to $1,080, which it estimated will boost household disposable income by $7.7 billion, or around 0.6 per cent.

Given the tax offset is directed towards low and middle-income earners and is a lump sum, QIC estimated that around two-thirds of the money will be spent rather than saved. 

This will boost consumer spending by around 0.4 percentage points in 2019-20.

Based on information from the 2009 tax cuts, QIC considered that around 70 per cent of the additional spending by consumers would be on retail goods, implying a boost to retail sales of around 1.1 percentage points.

Combining the tax cuts with interest rate cuts and house price stabilisation, the QIC is expecting annual average retail sales growth to pick up to around 3.8 per cent in 2020.

Across the states, Victoria is predicted to outperform the other states in retail over the next decade due to stronger population growth, but Queensland and Western Australia are still expected to benefit in the retail sector due to improved mining conditions.

For NSW, the retail sector is predicted to see slow improvement as the housing market stabilises, but this is predicted to be on a smaller scale than seen in previous years. 

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After years of sluggish growth, the retail sector has reached a turning point due to the combined benefits of interest rate cuts, fiscal stimulus and a stabilisation of the housing market, according to economists.

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